L/H Package Financing
Hello all:
Is it fairly easy to resell m/h land home packages to a buyer needing financing, given that seller is not offering owner financing?
I just want to confirm if you can do deals with both owner and bank financing.
It seems there is not much problems with d/w on brick foundations, correct?
Thanks and be blessed!
MarkB
What are you doing that is different from everybody else?
I just happened to buy a few mobiles myself in the last couple of months. I bought 2 for 5k ($2500 each) from the owner of the park, then since my check did not bounce, he asked if I wanted some more fun. I bit. He had 2 more for 5k, got the second pair for $4500.
A few repairs were done on the first one and within 2 weeks a buyer gave me $1000 down and 215 per month for 3 years. All told, that was over 100% return on my money for 3 years. A few weeks later, all 4 are sold at the same payment structure.
Lot rent is 235 per month including water and sewer. The mobile payment is 215 per month. The terms are such that the owner is paying only 450 per month and will be the owners in 3 years. What a country.
The same types of deals work ALL across the country. Some places you can buy mobiles for a few thou and some places you can not find one for less than 20k. Either way, there is definately money to be had. By the way, the owner of the park did not have me fill out an application or ask whether I was credit worthy. He wanted to make sure that I was going to keep the mobile in HIS park and pay some lot rent. That is all he was concerned with.
I did have a handyman from the park help with the repairs. He was the one who kept the key and showed the property to ALL prospective buyers. He knew that if and when the mobiles were sold he would not only get to do some work on the next one, he would also get $100 for showing them. Everyone wins!!!
Yep, sounds like Lonnie deal to me
Good Ole Wobbly boxes, boy do I remember the day.
Lonnie would be proud!
MarkB
Hi ichabod,
Ok, rarely do I ever purchase a repo from a repo lot. Mosat of the repo lots market toward the end user and not an investor or dealer.
I buy them right out in the field so to speak. They are on location where they were repossesed most usually. Most have to be moved, some sooner than others.
I usually have them sold before I move them though.
It is not always the case, as some may need some refurbing thus I move them to my lot.
NOTE; As soon as I move a unit, it automatically increases in cost as I have to add the cost of getting it moved.
Now in my area I have made a deal with a local mover that will move them to my lot so I can refurb it if I have to or just get right to selling it.
Once it sells I then pay the mover... not all movers do this, but this one will and I keep him busy.
You also asked wether I buy them on land. Yes! Sometimes you can get a good deal this way and it does shorten things a bit. However, for the most part no... but keep your eye open for deals Always!!!
MarkB
Quote:
On 2005-05-05 00:11, MarkB wrote:
Hi ichabod,
Ok, rarely do I ever purchase a repo from a repo lot. Mosat of the repo lots market toward the end user and not an investor or dealer.
I buy them right out in the field so to speak. They are on location where they were repossesed most usually. Most have to be moved, some sooner than others.
<snip>
MarkB
What do you do if it is a doublewide? Do you have someone who disassembles and reassembles them upon delivery?
Yes, there is much you are leaving out of the process.
Lets redo the example like this...
Lets say you find a Mobile for $5000.00 you can pay out of your pocket if you like I mean that is one way but not the only way.....
But since thats the example you gave lets go with it....
You pay 5k for the MH........ lets assume we are talking about a repo unit for example......
Lets say where the repo is that its on private land so there is no lot payment accumilating..... I buy them like this all the time.
Ok,, one more thing before we lay this out... if you payed 5000 its possible its worth as much as 10 to 15000 market value....
example; I bought a 99 16x80 for 6500 sold it for $18900.00 get the picture?
Ok, you place your ads in paper lets say this way if you want quick cash..... you simply sell it out right $10,000 firm this way you get your 5k investment back plus 5k thus double your money and thats awesome...
Or
You sell it this way.... "Owner Finance" 99 16x80 $15,000 only 5000 down a must see like new bad credit ok...
You know the drill you can word about however you want the main idea is to get them to call and they will
This way you get your money back to re invest....
There are many other ways to work this .... the way I would go is to sell it for a quick 10,000 when your starting out and make a good profit and then buy 2 next time or such like and keep it going......
This is what I am doing or did I do something simular to that now but on a much larger scale but I started out just that way......
MarkB
mark b.
your info is great is there anyway i can have your email
address for a fast contact.